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Tomorrow’s Company Annual Parliamentary Reception ‘Investing in Stewardship’

9th November 2011 @ 8:00 am - 5:00 pm

Venue: Reception Cholmondeley Room and Terrace, House of Lords

We would very much like to invite you to the Tomorrow’s Company annual lunchtime reception at the House of Lords, on Wednesday 9 November. This is always a special event and this year will be memorable in advancing our call for stewardship to bring about a renewed sense of purpose, help restore confidence and trust, and establish the basis for long-term value creation as the most effective route to recovery and future prosperity.

This year’s reception is again jointly hosted with CIMA – the Chartered Institute of Management Accountants – and forms part of our ongoing, joint programme of lectures, the first of which was given by Stephen Green of HSBC at Mansion House exploring the theme of ‘Tomorrow’s Value’. Subsequent lectures have been given by Anant Nadkarni of Tata, Pavan Sukhdev Head of Green Economy Initiative, UNEP, Professor Michael Mainelli Professor of Commerce at Gresham College and Founder Director of the Z/Yen Group and Paul Walsh, CEO of Diageo.Joe Garner Deputy CEO and Head of UK Retail Bank HSBC plc is our next contributor.

We are asking what we mean by value, why this matters so much and how it can best be measured. These issues are set out in depth in our briefing paper. Central to the way we run the economy is the assumption that we know what value is – and that the value of goods and services are reflected by prices set through the market. But if these assumptions do not hold true, can we be confident that the recovery will last, and that business will be a force for good, contributing fully to the sustainability of people and planet? Stewardship, we argue, is fundamental to delivering value over the long-term.

We are delighted to welcome Paul Abberley, Chief Executive of Aviva Investors London. Aviva Investors is a global asset manager with £269 billion (at 30 June 2011) assets under management. In a recent interview he confronted the City, companies and politicians for failing to rise to the challenge of climate change and other key sustainability issues. “If you are investing in a company with a long-term time horizon, it very much matters to know about sustainability issues, but if you are taking a time horizon of an average holding of six weeks, you might take the view that there may be a time bomb ticking but it is unlikely to go off in my holding period.”  Abberley argued.

Abberley highlighted that financial markets are largely ‘ammoral’, and concludes “If we want to change the world we need political leadership to regulate the markets differently” calling for ‘statesmanlike behaviour’ to preserve the social fabric of society and to “look at where the planet is headed”.

Aviva Investors and Tomorrow’s Company are working with UNEP Finance initiative, BLP, Korn/Ferry Whitehead Mann, PwC and others on a major project to understand the incentives which drive short-term behaviours in financial markets, and how best to intervene to bring about change to inform policy and practice in the road to Rio +20.

We are also delighted that Editor of the Financial Mail on Sunday Lisa Buckingham will be making a keynote contribution. Lisa was recently awarded an OBE in the New Year’s honours list for services to journalism and for her work in improving women’s opportunities. Lisa is a strong supporter of Tomorrow’s Company’s call for stewardship: you can learn more about the Financial Mail on Sunday’s new Investment Stewardship Campaign calling for small shareholders to be given a louder voice here.

Tomorrow’s Company and CIMA believe that the relationship between value and values is fundamentally changing: that sustainable value creation must now recognise ‘the triple context’, combining economic drivers with social and environmental imperatives. CIMA’s qualification upholds the highest ethical standards for members throughout their careers.

This year’s Parliamentary Reception renews our tradition of hosting a wonderful event at this superb and memorable location, bringing together influential and outstanding leaders in business and beyond from across the world. We very much hope you will join us.

Details

Date:
9th November 2011
Time:
8:00 am - 5:00 pm